Promoting holistic sustainability among member DFIs is one strategic objective of the Association of African Development Finance Institutions( AADFI). The Association has been championing this agenda through thought programs and activities it has initiated. From January 23 to 24, 2024, the Association conducted an Executive Study visit to the Uganda Development Bank (UDB) Ltd to benchmark the implementation of holistic sustainability in sustainability-certified national DFIs.
The UDB is leading sustainability among African national DFIs, having demonstrated with evidence the values and benefits of being sustainability certified. The visit to UDB hinged on embracing sustainability standards to achieve world-class corporate governance, create social, economic, and environmental impact, and tackle climate change.
Speaking at the opening session, Cyril Okoye, Secretary-General of AADFI, emphasized that being a sustainability-certified DFI is no longer an option for member DFIs but a necessity if they must add value in achieving national development and be relevant in contributing to solutions for addressing the shift in the climate change impact.
The visit was attended by 35 C-class executives, CEOs, and board members of national DFIs from various African sub-regions.
Mr. Arshad Rab, CEO of the European Organization for Sustainable Development (EOSD), presented a keynote address on the theme “Toward a sustainable, future-proof economy – How national DFIs address the macro-economic challenges for national development.” Ms. Patricia Ojangole, 1st vice Chairperson of AADFI and Managing Director of UDB, attested to the positive impact of being sustainably certified DFI as evidenced in the bank’s operations and successes in addressing Uganda’s social, economic, and environmental agenda.
The Role of DFIs in Sustainable Development
In another development, the AADFI partnered with the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and the Organization for Sustainable Development (EOSD) to organize a conference on the role of development financial institutions in sustainable development.
The conference was hosted from June 25 to 26, 2024, in Istanbul, Türkiye. The event sustains momentum in embedding holistic sustainability in DFIs.
The high-level event featured key speakers from leading institutions that have embedded holistic sustainability in their organizations. A key message from the conference was that holistic sustainability encompasses more than just Environmental, Social, and Governance (ESG) aspects. DFIs were encouraged to embrace holistic sustainability to avoid greenwashing and establish the reliability needed to guarantee the achievement of their mandates, as advocated by the Sustainability Standards and Certification Initiatives (SSCI).
